Canadian Net REIT Announces 2025 Third-Quarter Results
Globenewswire·2025-11-18 21:15

Core Insights - Canadian Net Real Estate Investment Trust reported a 9% year-to-date increase in Normalized FFO per unit for Q3 2025, indicating strong operational performance and a 100% occupancy rate in its necessity-based real estate portfolio [2][3][4] Financial Results for Q3 2025 - Funds from operations (FFO) reached $3.4 million, or $0.164 per unit, a 20% increase from $2.8 million, or $0.137 per unit in Q3 2024 [3][4] - Normalized FFO for the quarter was also $3.4 million, reflecting a 12% increase compared to $3.0 million in Q3 2024 [3][4] - Rental income was reported at $6.9 million, an 11.5% increase from Q3 2024, while net operating income (NOI) was $5.0 million, up 10.9% from the previous year [4][6] Financial Results for the 9-Month Period Ended September 30, 2025 - For the nine-month period, FFO totaled $10.2 million, or $0.494 per unit, a 12% increase from $9.1 million, or $0.443 per unit in the same period of 2024 [5][6] - Rental income for the nine-month period was $20.7 million, a 6.8% increase from the previous year, with NOI at $15.1 million, up 6.3% [6][7] Net Income and Distributions - The net income attributable to unitholders for Q3 2025 was $2.9 million, a decrease from $13.0 million in Q3 2024, primarily due to changes in the fair value of investment properties [4][8] - For the nine-month period, net income attributable to unitholders was $11.7 million, significantly higher than $5.3 million in the same period last year [7][8] - Canadian Net announced monthly cash distributions of $0.02917 per unit for Q1 2026, totaling $0.35 per unit on an annualized basis [9] Operational Highlights - The increase in Normalized FFO was attributed to higher rental income from property acquisitions and lower interest charges on credit facilities, despite some offset from interest on mortgages [8] - The REIT maintained a strong position in the market, focusing on necessity-based real estate, which has supported its occupancy rates and operational performance [2][4]